TMI Blog2023 (12) TMI 925X X X X Extracts X X X X X X X X Extracts X X X X ..... ansi Chowk, Delhi has been transferred to the assessee by way of gift, therefore, the assessee could not have sold and earned long term capital gains, therefore, the amount credited in her bank account was treated as income of the assessee u/s. 69A - HELD THAT:- It is true that the impugned property was purchased by the husband of the assessee and 1/3rd share in the said property was subsequently ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Appellant : Sh. P.N. Barnwal, CIT DR For the Respondent : Sh. Tarandeep Singh, CA ORDER PER N. K. BILLAIYA, AM: This appeal by the revenue is preferred against the order of the CIT(A)-15, Delhi dated 30.01.2019 pertaining to A.Y. 2014-15. 2. The solitary grievance of the revenue is that the CIT(A) erred in deleting the addition of Rs. 12.50 crores made by the AO to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... term capital gains was earned by the assessee on which exemption u/s. 54 was claimed. 5. The AO rubbished the entire transaction by dismissing the gift as the same was not evidenced by a registered gift deed. The AO further noticed that M/s. Glorious Housing and Land Development Private limited executed the deed on 08.11.2011, therefore, the assessee could not have gifted the property on 01.05. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... failed to appreciate that under the provisions of section 2 (47) (vi) defac to transfer of any immovable property are covered. 9. The CIT(A) further opined that pursuant to the gift deed the assessee was in full possession of the property and further entered into an agreement to sell and sold the said property for a consideration of Rs. 12.50 crores which was invested in another residential pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12.50 crores which was credited to her bank account held with HDFC Bank. By no stretch of imagination provisions of section 69A can be applied on such transactions as the credit is outcome of the sale of property. It is not a case of the revenue that the assessee has introduced her own unaccounted money by depositing the same in her bank account in the garb of sale of some immovable property. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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